The political economy of a universal basic income
: "your view of what is feasible should not be backwards looking. The normalization of gay marriage and legalization of marijuana seemed utopian and politically impossible until very recently. Yet in fact those developments are happening, and their expansion is almost inevitable
given the demographics of ideology... UBI
— defined precisely as periodic transfers of identical fixed dollar amounts to all citizens of the polity — is by far the most probable
and politically achievable
among policies that might effectively address problems
of inequality, socioeconomic fragmentation, and economic stagnation." [more inside]
VC for the people
- "It's just that people who have options are much more likely to actually find success than people who don't." [more inside]
Free Money for Everyone
- "A wacky-sounding idea with surprisingly conservative roots may be our best hope for escaping endless, grinding economic stagnation." (via
) [more inside]
The return of "patrimonial capitalism": review of Thomas Piketty's Capital in the 21st century
) - "Thomas Piketty's 'Capital in the 21st century' may be one of the most important recent economics books. It jointly treats theory of growth, functional distribution of income, and interpersonal income inequality. It envisages a future of relatively slow growth with the rising share of capital incomes, and widening income inequality. This tendency could be checked only by worldwide taxation of capital
." [more inside]
In the spirit of the Nobel season, Yasha Levine discusses the history of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel
as a PR gimmick for laissez-faire economics, and how its existence is an affront to the Nobel legacy.
How Rich is Too Rich For Democracy?
At what point does great wealth held in a few hands actually harm democracy, threatening to turn a democratic republic into an oligarchy?
It's a debate we haven't had freely and openly in this nation for nearly a century, and last week, by voting to end the Estate Tax, House Republicans tried to ensure that it wouldn't be had again in this generation.
But it's a debate that's vital to the survival of democracy in America.
In a letter to Joseph Milligan on April 6, 1816, Thomas Jefferson explicitly suggested that if individuals became so rich that their wealth could influence or challenge government, then their wealth should be decreased upon their death. He wrote, "If the overgrown wealth of an individual be deemed dangerous to the State, the best corrective is the law of equal inheritance to all in equal degree..."